DeVry hit w/ downgrades on enrollment concerns

MichaelBaron

NEW YORk (CBS.MW) -- DeVry
DV, +2.58%
shares lost more than 9 percent to $19.09 in midday action. After Wednesday's closing bell, the Oakbrook Terrace, Ill., provider of post-secondary education services reported its fourth-quarter results, a profit of $15.7 million, or 22 cents per share, a penny short of the average estimate of analysts polled by Thomson First Call. J.P. Morgan dropped its rating on the stock in the wake of the news, going to "neutral" from "overweight" and removing it from the firm's focus list. The firm attributed the shortfall in results to higher than expected marketing expenses, and noted that DeVry saw a "substantial deceleration" in enrollment momentum for its summer term. Legg Mason also downgraded the stock to "hold" from "buy," citing the weak enrollment trends.

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